We are here to give you the Sight & Sound of Information Technology
In order to understand the concept of e-marketplace, we must learn first what is market??
A market is a place where buyer meets seller and the exchange of goods or services takes place between them. Every market has following three functions:
- It matches the buyers and sellers by providing them a platform to interact.
- It facilitates the exchange of information, goods, services and payments that are associated with market's transactions.
- It provides a regulatory framework, which helps in the efficient functioning of market.
It is a place where both buyers and sellers exchange goods or services for money, electronically. E-marketplace is also known as Marketspace. E-marketplace has tremendously modified the processes used in trading and supply chains. Some of its modifications are following:
- Information Richness: It has made the information more precise and rich.
- Low Information Search cost: It has tremendously decreased the cost of searching information about a product or services. Now, we can Google anything about which we want to know.
- Diminished Information Asymmetry: It has demolished the information A-symmetry between buyers and sellers. Now a days, buyers has also information about products as do sellers have.
- No time limit to Purchase: Now we can buy anything from e-marketplace anywhere and anytime. E-markets are open 24/7.
- Reduced Distance: E-marketplaces have greatly reduced the distance between buyers and sellers. A buyer can make deal with a seller who would be at the other corner of the world.
Components Of E-Marketplace:
Following are the components of e-marketplace:
The persons who are willing to buy anything using e-commerce platform.
The individuals or organizations which are willing to sell their product or services.
Product & Services:
The product or service is anything that is offered in e-marketplace which might satisfy the customer. The products that can be transformed in the digital format and can be transferred over the internet, is called Digital Product.
The part of the e-seller's business process through which customer interact with the seller. For example:
- Seller's portal.
- Electronic catalogs
- Shopping cart.
- Search engine.
This is the part of e-seller's business process which supports the online order taking. For Example:
- Inventory Management.
- Payment Processing.
- Packaging and Delivery.
It is the third party which will operate between buyers and sellers.
It is the commercial entity which has alliance or relation with the organization.
Types Of E-Marketplace:
Following are some types of e-marketplaces:
It is the website of an individual organization where products or services are sold.
It is the online shopping center where several online stores are available. It has following types:
- General Malls: The online mall where all types of general products are available.
- Specialized Malls: The online mall where only some specific products related to a specific category, are available. For example: Automobile Parts Mall.
- Regional Malls: The online mall which provide their services to people of a specific region or area.
- Global Malls: The online mall which provide their services to peoples all over the world.
Online markets which are owned by a single organization. These can be of following two types:
- Sell-side e-marketplace: It is a private e-marketplace where a company sells its products or services to some specific companies.
- Buy-side e-marketplace: It is a private e-marketplace where a company purchases from some specific suppliers.
It is B2B marketplace which is usually managed by a third party. It includes several buyers and sellers. It is also known as Exchange.
It is the area of a website which has links to access other websites, online databases, journal articles or other publications. It is the point of access on a website through which we can access the business information inside or outside the organization.
The contents available on this website are copyrighted by TechPlus unless otherwise indicated. All rights are reserved by TechPlus, and content may not be reproduced, published, or transferred in any form or by any means, except with the prior written permission of TechPlus.